[8-K] Contango Silver & Gold Inc. Reports Material Event
Rhea-AI Filing Summary
Contango Silver & Gold Inc. reports Q1‑2026 results and outlines a busy growth pipeline. For the quarter, its 30% share of the Manh Choh mine generated 8,012 ounces of gold sold and total income from operations of $4.8M, while adjusted net income was $4.7M. A loss on derivative contracts of $19.0M drove a net loss of $14.3M, but unrestricted cash rose to $97.5M as of March 31, 2026, helped by a $9M JV distribution and a $50M equity raise.
Contango repaid $1.0M on its credit facility, reducing principal to $13.6M, and paid $46.4M to settle hedge contracts for 15,446 ounces, leaving 22,000 hedge ounces outstanding. The company agreed to acquire full ownership of the Lucky Shot project and extinguish a royalty for total consideration of about $16.1M, and continues to advance Johnson Tract and Kitsault Valley toward development with technical studies, permitting and large drill programs.
Positive
- None.
Negative
- None.
Insights
Q1 shows hedge-related losses but strong liquidity and project build‑out.
Contango delivered Q1‑2026 production from its 30% Manh Choh stake, selling 8,012 ounces of gold and generating $4.8M in income from operations. However, a $19.0M loss on derivative contracts turned results into a net loss of $14.3M, despite adjusted net income of $4.7M.
Liquidity strengthened, with unrestricted cash at $97.5M as of March 31, 2026, supported by a $9M distribution from the Peak Gold JV and a $50M equity financing. Debt on the credit facility declined to $13.6M, while $46.4M was used to settle 15,446 hedge ounces and 22,000 hedge ounces remain.
Strategically, the company is consolidating its portfolio. It agreed to acquire 100% of Lucky Shot and cancel a 2% NSR royalty for about $16.1M, and continues advancing Johnson Tract and Kitsault Valley with technical work and permitting. Future filings and operating updates will clarify how production ramp‑up and hedge strategies translate into cash flow against its multi‑asset development schedule.
8-K Event Classification
Key Figures
Key Terms
all-in sustaining costs financial
Adjusted net income financial
Direct Shipping Ore technical
FAST-41 regulatory
S-K 1300 regulatory
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 13, 2026, Contango Silver & Gold Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
The information included herein and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Cautionary Note Regarding Forward-Looking Statements
Many of the statements included or incorporated in this Current Report on Form 8-K and the furnished exhibit constitute “forward-looking statements.” In particular, they include statements relating to future actions, strategies, future operating and financial performance, ability to realize the anticipated benefits of various transactions and the Company’s future financial results. These forward-looking statements are based on current expectations and projections about future events. Readers are cautioned that forward-looking statements are not guarantees of future operating and financial performance or results and involve substantial risks and uncertainties that cannot be predicted or quantified, and, consequently, the actual performance of the Company may differ materially from that expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, factors described from time to time in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein).
Item 7.01 Regulation FD Disclosure.
On May 13, 2026, the Company made available a new corporate presentation. A copy of this presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is available on the Company’s website at www.contangoore.com.
The Company’s presentation furnished as Exhibit 99.2 to this Current Report contains non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with United States generally accepted accounting principles, or GAAP. Reconciliations of these non-GAAP financial measures are not included in the furnished presentation due to the inherent difficulty and impracticality of quantifying certain amounts that would be required to calculate the most directly comparable GAAP financial measures. In addition, certain of the non-GAAP financial measures have been prepared by Kinross Gold Corporation, the Company’s partner in, and the manager of, Peak Gold, LLC, a joint venture company in which the Company currently holds a 30% interest, and are based on International Financial Reporting Standards (IFRS) accounting standards and detailed information to which the Company has not had access to at this time. As a result, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measure without unreasonable efforts.
The information included herein and in Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. |
Description of Exhibit |
99.1 |
Press Release of the Company, dated May 14, 2026. |
99.2 |
Corporate presentation, dated May 14, 2026 |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CONTANGO SILVER & GOLD INC. |
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Date: |
May 15, 2026 |
By: |
/s/ Mike Clark |
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Chief Financial Officer and Corporate Secretary |
EXHIBIT 99.1
NEWS RELEASE
CONTANGO SILVER & GOLD
Contango Announces Results for the Quarter Ended March 31, 2026
FAIRBANKS, AK - (May 14, 2026) - Contango Silver and Gold Inc. ("Contango" or the "Company") (NYSE American / TSX: CTGO) announced today that it filed with the Securities and Exchange Commission its Form 10-Q for the quarter ended March 31, 2026 (“Q1-2026”).
Rick Van Nieuwenhuyse, Chief Executive Officer of the Company, stated, "The first quarter of 2026 was a period of significant operational transition and strategic growth. At Manh Choh, while harsh winter conditions and operational challenges impacted Q1 throughput and costs, we are pleased to report that we are now entering a high-production phase; we expect ore tons processed and ore grade processed to increase for the remainder of the year, as we transition into the higher-grade portions of the South Pit. Manh Choh remains on track to meet our 2026 guidance of 40,000 to 45,000 ounces of gold production, which will set the stage for 2027, which we are guiding to 75,000 to 80,000 ounces of gold production with cash costs of $1,200 to $1,300 per ounce sold and all-in sustaining costs of $1,300 to $1,400 per ounce sold.
With this momentum, our cost guidance for the year remains firm. During the quarter we received a US$9 million (“M”) cash distribution from the Peak Gold JV. Our cash on hand for the end of the quarter was US$97.5 M an increase from US$64.8 M at December 31, 2025. For 2026, we anticipate cash costs between $1,900 to $2,000 and all-in sustaining costs of $2,200 to $2,300 per ounce of gold sold. Furthermore, we have strengthened our financial flexibility by reducing hedge contracts to 22,000 ounces and reduced our debt to $13.6 M, both of which we intend to fully settle by year-end.”
Mr. Van Nieuwenhuyse continued, “This has also been a transformative quarter for our corporate reach. Following the successful merger with Dolly Varden Silver, we have fully integrated our teams and are already seeing the benefits of our combined strengths. It was a true honor to ring the opening bell at the New York Stock Exchange on April 24th, and we look forward to the upcoming ceremony at the Toronto Stock Exchange on June 12th.
Our exploration and development pipeline is equally robust. At Lucky Shot, our underground drilling has exceeded expectations, providing excellent clarity on the system’s continuity. We are now accelerating underground development work and surface drilling in Q2-2026. Simultaneously, we are preparing for a 40,000-meter surface program at Kitsault Valley, with an updated mineral resource estimate expected by late June. Finally, at Johnson Tract, we are gaining significant ground with FAST-41 permitting and the mobilization of heavy equipment to support year-round operations. We are preparing for a very productive 2026."
During Q1-2026, the Company had the following updates:
In Q1-2026, Contango’s share of production sold from the Manh Choh mine, jointly held by Kinross and Contango, totaled 8,012 ounces of gold and 15,042 ounces of silver, receiving a cash distribution of $9
million (“M”). The Company reported total income from operations of $4.8 M and adjusted net income1 of $4.7 M. The Company reported a net loss of $14.3 M, including a $19.0 M loss on derivative contracts for Q1-2026. The Company's unrestricted cash position as of March 31, 2026 was $97.5 M compared to $64.8 M as of December 31, 2025.
Manh Choh Production Results
Peak Gold JV (on a 100% basis)1 |
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Q1-2026 |
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Total tons mined |
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1.96 |
M tons |
Ore tons mined |
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220,878 |
tons |
Gold oz mined |
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38,415 |
oz |
Ore tons processed |
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187,479 |
tons |
Gold grade processed |
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0.131 |
oz/t |
Gold recovery |
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88.5 |
% |
Gold oz produced |
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26,890 |
oz |
Gold oz sold |
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26,710 |
oz |
Silver oz sold |
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50,142 |
oz |
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Contango's Share (on a 30% basis)1 |
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Gold oz produced |
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8,067 |
oz |
Gold oz sold |
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8,012 |
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Total gold equivalent oz produced2&3 |
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8,378 |
oz |
Silver oz sold |
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15,042 |
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Total gold sales |
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$38,932,736 |
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Total silver sales |
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$1,258,389 |
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Cash costs on a by-product basis, per oz sold3 |
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$2,692 |
per oz sold |
AISC on a by-product basis, per oz sold3 |
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$2,778 |
per oz sold |
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Principal debt repayments |
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$1,000,000 |
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Remaining debt balance |
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$13,600,000 |
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Gold oz delivered into hedge contracts |
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5,554 |
oz |
Gold oz cash settled into hedge contracts |
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15,446 |
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Remaining hedge contracts |
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22,000 |
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Average realized spot gold price |
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$4,935 |
per oz sold |
Cash distributions received from Peak Gold JV |
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$9,000,000 |
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Notes:
Manh Choh Mine:
During the quarter, the Company received a cash distribution of $9 M from the Peak Gold JV. On May 13, 2026, the Peak Gold JV started processing Manh Choh’s second campaign of 2026 and are guiding to 10,000 ounces of production to Contango’s account for this campaign, which includes ore in stockpiles at Fort Knox that were not processed during Q1-2026.
Lucky Shot Project:
1 See non-GAAP measures at end of this press release for calculation of Adjusted Net Income
In November 2025, the Company mobilized a drill rig at the Lucky Shot mine site to commence the first phase of a 18,000-meter underground and surface in-fill drilling program. The Company began reporting assay results from this program during the first quarter of 2026. This drilling program, along with detailed engineering, hydrology and geotechnical studies, is expected to support the preparation of a feasibility level mine and transportation plan for Lucky Shot, with the objective of targeting annual gold production of 40,000 to 50,000 using the Direct Shipping Ore (DSO) approach, assuming positive exploration results. The Company expects to complete the feasibility study in the first half of 2027 and make a production decision in 2027.
Johnson Tract Project:
Activities at the Johnson Tract Project focused on planning, resourcing, permitting coordination, and logistical preparations in support of the Company’s planned 2026 field program. On December 1, 2025, the Johnson Tract Critical Metals Project was posted to the Federal Permitting Dashboard as a covered project under Title 41 of the Fixing America’s Surface Transportation Act, commonly referred to as FAST-41. The Federal Permitting Improvement Steering Council announced the project’s FAST-41 coverage on December 2, 2025. The U.S. Army Corps of Engineers is identified as the lead federal permitting agency for the project.
The Company has advanced planning activities for the proposed 2026 field season, including solicitation and review of bids for road construction and helicopter support associated with planned access improvements between the Johnson Tract camp and the proposed portal site. These activities are intended to support the Company’s operational timeline and continued advancement of the project through the permitting and development planning process. To date, the Company has completed three key steps of the overall permitting process through meeting various timelines as laid out in the FAST-41 permitting dashboard. The Company is also continuing to advance State of Alaska permits required to start construction of the exploration adit in 2027.
Kitsault Valley Project:
Following completion of a new mineral resource estimate ("MRE") expected by the end of the second quarter of 2026, a 40,000 meter surface drilling program is expected to begin in June. The planned $25 M campaign aims to infill known mineral resources at Homestake, Homestake Silver, Wolf, Dolly Varden, North Star and Torbrit, while testing high-priority exploration targets across the project’s wider holdings in the southern corner of the Golden Triangle. Following this year’s drill program, the Company is planning to prepare a preliminary development plan in the form of an Initial Assessment ("IA") for the Kitsault Valley assets.
Repayments of Debt, Reduction of Hedge Contracts and Financing:
Corporate Development – Dolly Varden Merger:
On March 26, 2025, the Company completed its merger-of-equals with Dolly Varden Silver Corporation (“Dolly Varden”). Upon completing the acquisition, Dolly Varden shareholders owned approximately 48% of the combined company. The combined Company changed the name to Contango Silver & Gold and was successfully listed to the Toronto Stock Exchange (“TSX”) where trading began on April 13, 2026 under the same trading symbol CTGO.
Corporate Development – Acquisition of Lucky Shot Lease and Royalty
Subsequent to quarter end, on May 4, 2026, the Company entered into a purchase and sale agreement (the "Purchase Agreement") with Alaska Hardrock Inc. (the “Seller” or “AHI”) to acquire 100% ownership of its Lucky Shot project by purchasing from AHI the underlying real property, mining claims and mining equipment and extinguishing the outstanding 2% net smelter returns royalty (the "NSR Royalty") held by AHI. The consideration totaled $16,074,000, comprised of the following:
Statement of Operations for Q1-2026 compared to Q1-2025:
The Company reported total income from operations of $4.8 M in Q1-2026 compared to $19.3 M for Q1-2025. In Q1-2026, the Company reported adjusted net income of $4.7 M compared to $17.9 M for Q1-2025. The Company reported net loss of $14.3 M or $0.83 loss per fully diluted share. This compares to a
net loss of $22.5 M for Q1-2025 or $1.88 loss per fully diluted share. The net loss for Q1-2026 and Q1-2025 includes a loss on derivative contracts related to the hedges in the amounts of $19.0 M and $40.5 M, respectively.
Statement of Cash Flows for Q1-2026 compared to Q1-2025:
Net cash used in operating activities was $49.6 M for Q1-2026 compared to $28.6 M provided by operating activities in Q1-2025. The reduction in net cash provided by operating activities was primarily driven by realized loss of hedge contracts recognized during Q1-2026. Cash provided by investing activities was $30.8 M for Q1-2026 compared to $nil M in Q1-2025. Cash provided by financing activities in Q1-2026 was $51.4 M, primarily related to cash proceeds from an equity offering offset by principal repayments of $1.0 M on the credit facility. This compares to cash outflows of $13.7 M in Q1-2025, primarily related to principal repayments of $13.8 M on the credit facility. The Company’s cash and cash equivalents position as of March 31, 2026 was $97.5 M compared to $64.8 M as of December 31, 2025.
Adjusted Net Income (Non-GAAP)
Management uses Adjusted Net Income to evaluate the Company’s operating performance, and to plan and forecast operations. The Company believes the use of Adjusted Net Income reflects the underlying operating performance of our core mining business and allows investors and analysts to compare results of the Company to similar results of other mining companies. Management’s determination of the components of Adjusted Net Income is evaluated periodically and is based, in part, on a review of non-GAAP financial measures used by mining industry analysts. Net loss (GAAP) is reconciled to Adjusted net income (Non-GAAP) adjusted for loss on derivative contracts in the following table:
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Q1-2026 ($) |
Q1-2025 ($) |
Net loss |
(14,305,590) |
(22,548,325) |
Loss on derivative contracts |
19,026,382 |
40,475,656 |
Adjusted net income |
4,720,792 |
17,927,331 |
Conference Call and Webcast
Contango will host a conference call and webcast to discuss the first quarter results on Thursday, May 14, 2026, at 12:00pm EST / 9:00am PST. Participants may join the webcast using the following call-in details: https://6ix.com/event/contango-silver-and-gold-q1-financials-2026
ABOUT CONTANGO
Contango is a NYSE American and TSX listed company that engages in the exploration for and development and production of gold and associated minerals in Alaska and in the Golden Triangle in British Columbia. Contango holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land for exploration and development on the Manh Choh project, with the remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of Kinross Gold Corporation, manager of the Peak Gold JV. The Company and its subsidiaries also have (i) a lease on the Johnson Tract project, which consists of mineral rights to approximately 21,000 acres located near tidewater, 125 miles southwest of Anchorage, Alaska, from the underlying owner, CIRI, (ii) a lease on the Lucky Shot project, which consists of mineral
rights to approximately 8,600 acres of State of Alaska and patented mining claims located in the Willow Mining District about 75 miles north of Anchorage, Alaska, from the underlying owner, Alaska Hardrock Inc., (iii) mineral rights to approximately 145,000 acres of State of Alaska mining claims, and (iv) mineral rights to approximately 11,700 acres of State of Alaska mining claims and upland mining leases, all of which give Contango the exclusive right to explore and develop minerals on these lands, (v) mineral tenures of approximately 247,000 acres (100,000 ha) located in and around the Kitsault Valley in the Golden Triangle of northwest British Columbia.
Additional information can be found on our web page at www.contangoore.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities (“Forward-looking Statements”). These include statements regarding Contango’s plans and expectations for its properties and operations, the content within future annual filings, operations in respect of Contango mineral properties and any benefits of investment in Contango. The Forward-looking Statements regarding Contango are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995, based on Contango’s current expectations and includes statements regarding future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as “expects”, “projects”, “anticipates”, “plans”, “estimates”, “intends”, “believes”, “ensures”, “forecasts”, “predicts”, “proposes”, “contemplates”, “aims”, “seeks”, “continues”, “potential”, “positioned”, “strategy”, “outlook”, “future”, “going forward”, “designed to”, and similar expressions or other words of similar meaning, and the negatives thereof, or stating that certain actions, events or results “may”, “might”, “will”, “should”, “would”, or “could” be taken, or that they are “possible”, “probable”, or “likely” to occur or be achieved). However, the absence of these words does not mean that the statements are not forward-looking. Forward-looking Statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to: the risks of the exploration and the mining industry (for example, operational risks in exploring for and developing mineral reserves); risks and uncertainties involving geology; the speculative nature of the mining industry; the uncertainty of estimates and projections relating to future production, costs and expenses; the volatility of natural resources prices, including prices of gold and associated minerals; the existence and extent of commercially exploitable minerals in properties acquired by Contango or the Peak Gold JV; ability to realize the anticipated benefits of the Peak Gold JV; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the interpretation of exploration results and the estimation of mineral resources; the loss of key employees or consultants; health, safety and environmental risks; risks related to weather and other natural disasters; uncertainties as to the availability and cost of financing; Contango’s inability to retain or maintain its relative ownership interest in the Peak Gold JV; inability to realize expected value from acquisitions; inability of our management team to execute its plans to meet its goals; the extent of disruptions caused by an outbreak of disease, such as the COVID-19 pandemic; and the possibility that government policies may change, political developments may occur or governmental approvals may be delayed or withheld, including as a result of presidential and congressional elections in the U.S. or the inability to obtain mining permits. Additional information on these and other factors which could affect Contango’s operations or financial results are included in Contango’s other reports on file with the U.S. Securities and Exchange Commission. Investors are cautioned that any Forward-looking Statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the Forward-looking Statements. Forward-looking Statements are based on the estimates and opinions of management at the time the statements are made. Contango does not assume any obligation to update Forward-looking Statements should circumstances or management’s estimates or opinions change.
CONTACTS:
Contango Silver & Gold Inc.
Rick Van Nieuwenhuyse
(907) 388-7770
www.contangoore.com
EXHIBIT 99.2
DISCLAIMER FORWARD-LOOKING STATEMENTS AND INFORMATION This presentation contains "forward-looking statements" within the meaning of applicable United States securities legislation (collectively referred to as "forward-looking information" ("FLI")), and readers should read the cautionary notes related to FLI included later in this presentation. The Feasibility Study (“FS”) referenced herein that relates to Peak Gold, LLC (“Peak Gold”), was prepared by Kinross Gold Corporation (“Kinross”), which controls the Manager of Peak Gold and holds 70% of its outstanding membership interests, in accordance with Canadian National Instrument 43-101 (NI 43-101). Contango Silver & Gold Inc. (the “Company” or “Contango”) owns the remaining 30% membership interest in Peak Gold, and must rely on Kinross and its affiliates for the FS and related information. Further, Contango is not subject to regulation by Canadian regulatory authorities and no Canadian regulatory authority has reviewed the FS or passed upon its accuracy or compliance with NI 43-101. The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” as used in the resource estimate, the FS and this presentation are Canadian mining terms as defined in accordance with NI 43-101. In the United States, mining disclosure is reported under sub-part 1300 of Regulation S-K (“S-K 1300”). Under S-K 1300, the U.S. Securities and Exchange Commission (“SEC”) recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” are substantially similar to international standards. Under S-K 1300, an SEC registrant with material mining operations must disclose specified information in its SEC filings concerning mineral resources, in addition to mineral reserves, which have been determined on one or more of its properties. Such mineral resources and reserves are supported by a technical report summary (the “S-K 1300 Report”), which is dated and signed by a qualified person or persons, and identifies and summarizes the information reviewed and conclusions reached by each qualified person about the SEC registrant’s mineral resources or mineral reserves determined to be on each material property. Contango prepared an S-K 1300 Report, dated May 12, 2023, based on the FS, that presented mineral resource estimates and mineral reserve estimates for the Manh Choh project as of December 31, 2022 (the "Manh Choh S-K 1300 Report"). Contango prepared an additional S-K 1300 Report, dated May 26, 2023, based on historical and recent drill hole assay information, that presented mineral resource estimates for the Lucky Shot project as of May 26, 2023 (the "Lucky Shot S-K 1300 Report"). Investors are cautioned that while the S-K 1300 definitions are “substantially similar” to the NI 43-101 definitions, there are differences between the two. Accordingly, there is no assurance any mineral reserve or mineral resource estimates that Peak Gold may report as “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had Contango prepared the mineral reserve or mineral resource estimates under S-K 1300. Further, U.S. investors are also cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under S-K 1300, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization that has been characterized as resources has a greater degree of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources or inferred mineral resources that Contango reports are or will be economically or legally mineable. For more detail regarding the FS, please see Contango's press release dated May 26, 2023: https://www.contangoore.com/press-release/contango-ore-announces-completion-of-s-k-1300-technical-report-summary-for-its-manh-choh-project-in-alaska. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. To view a copy of the Manh Choh S-K 1300 Report, see: https://assets.website-files.com/5fc5d36fd44fd675102e4420/6470afdaf94d2ac9f93d93e0_SIMS%20Contango%20Manh%20Choh%20Project%20S-K%201300%20TRS%20FINAL%2020230524%20(1)-compressed.pdf . The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. To view a copy of the Lucky Shot S-K 1300 Report, see: https://assets.website-files.com/5fc5d36fd44fd675102e4420/6487270414e64406df8280bb_Contango%20Lucky%20Shot%20Project%20S-K%201300%20TRS%202023-05-26.pdf. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. For additional details on the Johnson Tract Project, see NI 43-101 Technical Report titled “Updated Mineral Resource Estimate and NI 43-101 Technical Report for the Johnson Tract Project, Alaska”, dated August 25, 2022 (effective date of July 12, 2022) authored by Ray C. Brown, James N. Gray, P.Geo. and Lyn Jones, P.Eng, see: https://cdn.prod.website-files.com/5fc5d36fd44fd675102e4420/66b39f847ac30bd736ac91ad_hg-technical-report-25aug-2022_compressed.pdf. The information contained in, or otherwise accessible through, the links are not part of, and are not incorporated by reference into this investor presentation. For more detail regarding the Johnson Tract IA, please see Contango's press release dated May 6, 2025: https://www.contangoore.com/press-release/contango-announces-s-k-1300-technical-report-summary-with-robust-economics-and-one-year-payback-for-its-johnson-tract-project The information contained in, or otherwise accessible through, the links are not part of and are not incorporated by reference into this investor presentation. The technical information in this presentation related to the Kitsault Valley Project (owned by Dolly Varden Silver Corporation (“Dolly Varden”), a wholly-owned subsidiary of Contango) has been reviewed and approved by Robert van Egmond, P.Geo. VP Exploration - Canada, who is considered, by virtue of his education, experience and professional association, a qualified person under NI 43-101. Mr. van Egmond is not considered independent for purposes of NI 43-101 as he is an employee of Dolly Varden. This presentation also contains references to estimates of mineral resources (as such term is defined in NI 43-101). The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from Dolly Varden’s projects, if any, the anticipated amounts and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that ultimately may prove to be inaccurate. Some of the mineral resources at the Kitsault Valley Project are categorized as indicated and some as inferred mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. Certain information in this presentation is based upon, and certain information is extracted directly from, an NI 43-101 compliant technical report prepared by Dolly Varden for the Kitsault Valley Project (the “Technical Report”), a copy of which is available under its SEDAR+ profile at www.sedarplus.ca. The Technical Report includes relevant information regarding the effective date and the assumptions, parameters and methods of the mineral resource estimates cited in this presentation, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this presentation in respect of the Kitsault Valley Project. You are encouraged to read the Technical Report in full and any information summarized or extracted therefrom in this presentation should not be read or relied upon out of context. All such technical information in this presentation is subject to the assumptions and qualifications contained in the Technical Report. The Technical Report was not prepared in accordance with S-K 1300. A qualified person has not done sufficient work to classify the mineral resource estimates derived from the Technical Report and included in this presentation as current estimates of S-K 1300 mineral resources. The securities of Contango have not been approved or disapproved by the United States Securities and Exchange Commission, or any other securities commission or regulatory authority in the United States or any other jurisdiction, nor have any of the foregoing authorities passed upon or endorsed the merits this presentation or confirmed the accuracy or adequacy of the information contained in this presentation. Any representation to the contrary is a criminal offense. This presentation does not constitute an offer to sell or the solicitation of an offer to buy the securities of Contango. This presentation does not contain all of the information that would normally appear in a prospectus under applicable United States securities laws. Prospective investors should carefully read Contango's disclosure documents filed on Edgar, especially the risk factors contained in such filings, before making an investment decision with respect to investing in the securities of Contango.
WWW.CONTANGOORE.COM
~33 M SHARES O/S NYSE / TSX CTGO DUAL LISTED Fairbanks AK HEADQUARTERS NORTH AMERICAN SILVER & GOLD PRODUCER ~2 Moz Au Gold ~65 Moz Ag Silver TOTAL RESOURCES $100M CASH ON HAND $100M+ 2025 FREE CASH FLOW
STRONG CAPITAL MARKETS PROFILE Approximate amounts reported as of May 13, 2026; Cash reported as of March 31, 2026 On a fully diluted; Outstanding shares includes exchangeable shares and 850,000 non-voting pre-funded warrants CTGO convertible debt (convertible into 655,738 shares at US$30.50) Capital IQ, SEDI and Bloomberg publicly disclosed data Ownership2,3 Shareholder Summary5 Analyst Coverage Current ETF Inclusion GDXJ Dual Listing SILJ SIL Russell 2000 CAPITAL STRUCTURE TRADING - NYSE AMERICAN: CTGO1 90-Day Avg. Daily Volume ~468,000 shares per day 52-week range US$12.65 - $34.38 Market Cap $825M CAPITAL STRUCTURE2,3 Issued & Outstanding 32.9 M Warrants 0.7 M Options 0.4 M Fully Diluted 34.0 M FINANCIAL POSITION Cash2 $97.5 M Convertible Debenture4 $20.0 M Debt (ING & Macquarie)1 $13.6 M Alyeska Investment ~45% ~45% ~10% Institutional / HNW Retail Management / Insiders
Positioned for Re-Rating: Significant NAV Discount with Unmatched Upside Potential UNDERVALUED RELATIVE TO PEER GROUP Source: Company Materials, brokers’ estimates as of April 2026
HIGHLY LEVERAGED TO SILVER & GOLD Source: Company Materials, brokers’ estimates as of April 2026; Calculated at spot Au & Ag prices, excludes base metal credits GRADE IS KING
CONTANGO’S FIVE YEAR DEVELOPMENT PIPELINE TARGET 200k oz Au + 5M oz Ag 2 Yrs 100,000 GEO 2 – 3 Yrs See news release dated November 29, 2024 “Contango Reaffirms and Updates 2025 Manh Choh Guidance” See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” Fully Funded to Execute Fastest Gold Producing Growth Profile in the Industry ~60,000 GEO1 KITSAULT VALLEY ~40,000 m drill program 247,000 acres (100,000 ha) of prospective land New MRE expected in Q2 2026 Road Upgrades to Torbrit Mine New exploration targets for 2026 MANH CHOH LUCKY SHOT JOHNSON TRACT Fully permitted and producing gold Permits received in less than 2 years Built on time and on budget First gold pour on July 8, 2024 2025 ~60,000 oz annual production1 LOM ~60,000 oz annual production LOM $1,700 AISC Fully permitted for mining 110,000 oz at 14.5 g/t Au 2 years to develop 400,000-500,000 oz Au resource Target 40,000-50,000 oz Au production Identify potential processing facilities Established 1.1M oz resource at 9.4 g/t GEO Federal permitting under FAST 41 Initial Assessment released May 20252 Post Tax NPV5 = $615.4M and +60% IRR at $4,000 gold Building road to portal site in 2026 Target for FS with mine construction decision by 2028/2029 GEO = Gold Equivalent Ounces 200,000 oz Au 5.0 Moz Ag
8 (Ag project in Mexico) +++ STRATEGICALLY POSITIONED AMID SECTOR SCARCITY North America – Ag-Focused Developers North America – Producers North America – Au-Focused Developers Contango is Strategically Positioned to Become a Mid-Tier North American Gold-Silver Producer Criteria: Production & Development Projects in Canada or the United States.
PRECIOUS METALS FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) FORT KNOX MILL (Kinross) 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated March 16, 2026 “Contango Announces 2025 Year End Financials and Provides 2026 and 2027 Production Guidance” 4. LOM = Life of Mine, MRE = Mineral Resource Estimate; 5. See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” MANH CHOH MINE (30%)1 1M oz at 8 g/t Au reserve (on 100% basis) Private land owned by Tetlin Native Tribe ~25 km from Alaska Highway 1 year for Federal Permitting Production started Q3 2024 Avg LOM ~60,000 oz Au 2,3 ~ $550M LOM3,4 free cash flow (at $4,000/oz) JOHNSON TRACT PROJECT (100%) 1 KITSAULT VALLEY PROJECT (100%) 1 LUCKY SHOT MINE (100%) 1 DSO Routes
DSO CRITERIA High-grade resources Gold, Silver, Copper focus Near Infrastructure Road Rail Water Simple permitting from a mining perspective Private and State lands Minimal water and wetlands impact Simple mining/processing 2020/2021 2022 2023 2024 JV with Kinross, Community Outreach, PFS/FS, permit applications submitted Construction decision & road construction, mill modifications, campus renovation; 404 Wetlands Permit received Operating permits received; construction completed with groundbreaking ceremony in August; ore transport started in November Ore stockpiled at Manh Choh and Fort Knox; first gold pour in July 2024! FEDERAL PERMITS 1 YR CONSTRUCTION AND RAMP UP 2 YRS Manh Choh deposit before mining MANH CHOH MINE CTGO SUCCESS OF DSO APPROACH
YEAR END 2025 RESULTS & LOM GUIDANCE 60,200 oz of gold produced 57,315 oz of silver produced $102 million cash distribution to Contango AISC = $1,616 per oz sold Manh Choh to Fort Knox 240 mi Kinross is operator (70% owner) On schedule and on budget State and Federal permits received within 18 months Construction and Ramp Up completed in 2 years First gold pour in July 2024 Contract mining & trucking MANH CHOH MINE – DEMONSTRATED DSO SUCCESS IN PRODUCTION , as of March 31, 2026
WHAT IS THE DIRECT SHIPPING ORE (DSO) APPROACH? Drill & Muck at Mine Site Load & Weigh at Mine Site Transport via Rail/Road/Barge Ore mined underground Loaded into covered/sealed containers at the mine site Small environmental footprint Containers loaded and weighed at mine site Ore containers loaded onto trucks Covered/sealed containers prevent “fugitive dust” DSO approach eliminates the need for onsite processing and tailings storage. This drastically reduces the onsite environmental footprint, reduces permitting risk and lowers upfront capital cost. NO TAILINGS FACILITY NO MILL Ore containers are transferred to Rail/Barge Transported to off-site milling facility
FORT KNOX MILL (Kinross) 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated March 16, 2026 “Contango Announces 2025 Year End Financials and Provides 2026 and 2027 Production Guidance” 4. LOM = Life of Mine, MRE = Mineral Resource Estimate; 5. See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” MANH CHOH MINE (30%)1 LUCKY SHOT MINE (100%) 1 Current resource: 110,000 oz Au at 14.5 g/t Private land Fully permitted for mining On road/rail system Currently drilling to develop 400,000-500,000 oz Au Target 40,000 – 50,000 oz Au annual production in 2028 Identified multiple potential processing facilities JOHNSON TRACT PROJECT (100%) 1 KITSAULT VALLEY PROJECT (100%) 1 PRECIOUS METALS FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) DSO Routes
FEASIBILITY UNDERWAY Current 18,000m in-fill and expansion drill program for resource definition OBJECTIVES: Define high-grade “ore shoots” Delineate 400,000 to 500,000 oz Au measured and indicated resource Collect data for detailed feasibility-level mine and transportation plan Anticipate $50 - $60 million spend over 2026-27 to reach production decision Targeting 40,000 to 50,000 oz Au annual production in 2028 TARGETING INITIAL RESOURCE OF 400,000 to 500,000 oz Au LUCKY SHOT – OUR NEXT DSO PROJECT Coleman and Lucky Shot Resources Tables1 Please see S-K 1300 Technical Report Summary on the Lucky Shot Project Alaska, USA https://www.contangoore.com/investors/overview Combined Segments of Lucky Shot Vein Resources Classification Tonnes Au Grade Au Ounces (g/t) Measured - - - Indicated 226,963 14.5 105,620 TOTAL 226,963 14.5 105,620 Inferred 82,058 9.5 25,110 Note 1: Measured, Indicated and Inferred mineral resource classification are assigned according to CIM Definition Standards. Mineral resources, which are not mineral reserves, do not demonstrate economic viability and there is no guarantee that mineral resources will be converted to mineral reserves. This mineral resource estimate was prepared by Sims Resources LLC based on data and information available and has an effective date of May 26, 2023. The Measured, Indicated and Inferred mineral resources are reported using the following parameters: undiluted gold grades; long term gold price of $US1,600 per ounce; reported as contained within a 3.0 g/t Gold underground shapes and applying a 3.0 meter minimum width at a 4.3 g/t gold cutoff grade (“COG”). 2026 / 2027 PROGRAM
High Grade KM Vein 5.92m @ 60.24 g/t Au 0.31m @ 99.75 g/t Au 1.5m @ 59 g/t Au Close-in opportunity to define ~50,000 Oz Au in a 100m x 100m area directly below the West Drift extension. VG and Ga KW Vn projection 100m W. Drift Extension (Proposed) Lucky Shot Fault ? new discovery – Keith Miles vein (km)
FORT KNOX MILL (Kinross) 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated March 16, 2026 “Contango Announces 2025 Year End Financials and Provides 2026 and 2027 Production Guidance” 4. LOM = Life of Mine, MRE = Mineral Resource Estimate; 5. See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” MANH CHOH MINE (30%)1 LUCKY SHOT MINE (100%) 1 JOHNSON TRACT PROJECT (100%) 1 Current Resource: 1.1 Moz @ 9.4 g/t Au Eq Critical Metals Project: Gold-Silver-Copper-Zinc-Lead Private land owned by Cook Inlet Regional Inc. (CIRI) Federal permitting currently in FAST 41; targeting mid-2028 construction decision 100,000 oz Au Eq annual production annual production in 2030 Initial Assessment released May 20255 Post Tax NPV5 = $615.4M and +60% IRR at $4,000 gold 1 year payback KITSAULT VALLEY PROJECT (100%) 1 PRECIOUS METALS FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) DSO Routes
EXPLORATION / PERMITTING 2026 WORK PROGRAM JOHNSON TRACT – FAST 41 PERMITTING JOHNSON TRACT INITIAL ASSESSMENT1 Post-Tax NPV5 of USD $615.4 million with a post-tax IRR of +60% at $4,000 LOM annual average production of 102,258 oz Au Eq at 7.58 g/t Au Eq Initial Capital costs of $213.6 million, including $36 million in contingency Sustaining Capital costs of USD $61.3 million, including $12.3 million in contingency AISC estimated at $860 per Au Eq sold Payback period ~1 year 7-year LOM Sensitivity $2,000 Au $2,200 Au $3,000 Au $4,000 Au Post-Tax NPV5 (USD M) $181.0 $224.0 $398.2 $615.4 POST TAX NPV5 GOLD PRICE SENSITIVITY Build road from camp to Portal Site Mobilize equipment and build laydown Start preparation for camp winterization Environmental studies, geotechnical drilling for barge landing, and community outreach Continue Federal permitting on FAST-41 dashboard 1 See Contango’s SK1300 Johnson Tract Technical Report Press Release dated May 6, 2025; Initial capex reflects the Initial Assessment study reported in “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” Press Release and Initial Assessment dated May 6, 2025 and to be filed on or before May 12, 2025; “GEO” refers to Gold Equivalent Ounces. The information contained in, or otherwise accessible through, the link is not part of, and is not incorporated by reference into this investor presentation.
FORT KNOX MILL (Kinross) 1. Reserve and Resource Table can be found in the Appendix 2. GEO = Gold Equivalent Ounces 3. See news release dated March 16, 2026 “Contango Announces 2025 Year End Financials and Provides 2026 and 2027 Production Guidance” 4. LOM = Life of Mine, MRE = Mineral Resource Estimate; 5. See new released dated May 5, 2025 “Contango Announces S-K 1300 Technical Report Summary with Robust Economics and One Year Payback for its Johnson Tract Project ” MANH CHOH MINE (30%)1 LUCKY SHOT MINE (100%) 1 JOHNSON TRACT PROJECT (100%) 1 KITSAULT VALLEY PROJECT (100%) 1 Current M&I Resource: 166k oz Gold and 34.7 M oz Silver; Inferred Resource: 817k oz Gold and 29.3 M oz Silver Silver-Gold polymetallic district New MRE expected in Q2 20264 ~40,000 m 2026 drilling program Environmental baseline, Metallurgical, Permitting planned for 2026 PEA and IBA in 2027 PRECIOUS METALS FOCUSED PORTFOLIO EXECUTING ON OUR DIRECT SHIP ORE MODEL (DSO) DSO Routes
KITSAULT VALLEY PROJECT HIGHLIGHTS 163 Km2 Land Position ~65 M oz silver and ~1 Moz gold resources defined Avg ~ 300 g/t Ag New Mineral Resource Estimate due in Q2 2026 FIVE MAIN DEPOSITS: Homestake Ridge Homestake Silver Wolf Dolly Varden Mine Torbrit 2026 PROGRAM New Mineral Resource Estimate due in Q2 2026 ~40,000 meters drilling planned for 2026 Environmental Baseline Studies Community Engagement First Nations Engagement Working towards formal IBA PEA in 2027 EXPLORATION HOMESTAKE
The Contango Value Proposition: High Margin, High Torque, Proven Results An Emerging Mid-Tier Silver-Gold Producer 21 Tier 1 Low-Risk Jurisdictions Tier 1 Alaska & British Columbia operations minimize geopolitical risk while ensuring streamlined permitting (FAST-41) Self-Funded Growth Model Targeting $100M+ in annual cash flow from Manh Choh to fund exploration with no dilution to shareholders High Quality Assets High grade silver-gold assets with industry-leading margins; Replicating the Manh Choh DSO success at Lucky Shot, Johnson Tract, and Kitsault to maximize capital efficiency 2025 Catalyst-Driven Re-Rating Broadened Liquidity: NYSE American/TSX and Index Inclusion Mandating Institutional Ownership and Re-Rating District-Scale Discovery Proven District-Scale Value: Advancing High-Grade Discovery Across a +1 Million Acre Footprint
22 info@contangoore.com +1-907-388-7770 www.contangoore.com Twitter: @orecontango LinkedIn: Contango ORE Instagram: ContangoORE Facebook: Contango ORE CORPORATE INQUIRIES NYSE-A / TSX: CTGO
NON-GAAP RECONCILIATION DISCLAIMER This presentation contains forward looking estimates of all-in sustaining cost (“AISC”), resources, free cash flow and EBITDA, which are financial measures not determined in accordance with United States generally accepted accounting principles (“GAAP”). We cannot provide a reconciliation of estimated AISC, resources and EBITDA to estimated costs of goods sold, assets and net income, which are the GAAP financial measures most directly comparable to such non-GAAP measures, without unreasonable efforts due to the inherent difficulty and impracticality of quantifying certain amounts that would be required to calculate projected AISC, resources and EBITDA. In addition, the estimates of AISC, resources and EBITDA have been prepared by Kinross and are based on IFRS accounting standards and detailed information that the Company does not have access to at this time. These amounts that would require unreasonable effort to quantify could be significant, such that the amount of projected GAAP cost of goods sold, assets and net income would vary substantially from the amount of projected AISC, resources and EBITDA. 23
LEADERSHIP TEAM Rick Van Nieuwenhuyse CEO & Director 40+ years of experience in the mining industry. He previously served as President and CEO of Trilogy Metals and founded NOVAGOLD where he served as President and CEO. Shawn Khunkhun President & Director 20+ years of experience in capital markets and mineral exploration, development and production. Founder and Director of Gold X2 and Gladiator Metals. Partner at the Fiore Group. Clynt Nauman Chairman of Board & Director 45+ years of experience in mining industry. Served as Chairman and CEO of Alexco Resource, President and Director of Viceroy Gold, Director of NOVAGOLD and Director of Spectrum Gold. Board of Directors Michael Clark CFO 20+ years of experience in corporate finance and financial reporting. He is currently a Director of Avino and has served as CFO of Alexco Resources, Goldgroup Mining and Grosso Group. Darren Devine Director Principal of CDM Capital Partners, a corporate advisory firm and acts as a director to junior companies in the natural resource sector. Completed transactions including Centric Energy’s sale of Eastern African assets to Africa Oil. Tim Clark Director 23+ years of experience in capital markets, corporate strategy and financial analysis for corporations within the commodities and mining sectors. Currently serves as the CEO and Director of Fury Gold Mines. Brad Juneau Director Co-founder of Contango and previously served as President, CEO and Director from August 2012 to January 2020. He has served as Chairman of the Board for Contango since April 2013. Mike Cinnamond Director 25+ years of experience in the mining sector, bringing significant industry and financial knowledge. He has served as the Senior Vice President and CFO of B2Gold since April 2014. 40+ years of experience in the mining industry. He previously served as President and CEO of Trilogy Metals and founded NOVAGOLD where he served as President and CEO. Shawn Khunkhun President & Director 20+ years of experience in capital markets and mineral exploration, development and production. Founder and Director of Gold X2 and Gladiator Metals. Partner at the Fiore Group. Proven Leadership Team with a Demonstrated Track Record of Value Creation in the North American Mining Sector Rick Van Nieuwenhuyse CEO & Director
BUILDING OUR ESG FRAMEWORK DEVELOPING OUR STRATEGY AROUND OUR BUSINESS MODEL AND CORE VALUES BUILT ON OUR FUNDAMENTAL DSO CRITERIA High-grade resources Gold, Silver, Copper focus Near Infrastructure Road Rail Water Simple permitting from a mining perspective Minimal water and wetlands impact Simple mining/processing Private and State lands Defining the pillars Social - safety of our people and our communities, valued partnerships with Alaskan Natives Environment – responsible practices, minimize our footprint Governance - business conduct, social responsibility and reporting Growth – resulting in a strong, reputable company Working through materiality assessment Evaluating sustainability risk and opportunities ESG data quality and completeness forms reliable basis for the future Consolidating our understanding of risks, opportunities and policies for all our sites
Gold Contango Resources & Grade Asset Diversification, Increased Scale and Significant Exposure to Gold and Silver in Neighbouring Tier I Jurisdictions M&I Inferred HIGH-GRADE ASSET PORTFOLIO M&I Inferred Silver Contango 1.9 Moz 65.3 Moz Effective date of December 31, 2024 – refer to Corporate Reserve/Resource table in Appendix Shown on a 30% Contango ownership basis Effective date of May 26, 2023 - refer to Corporate Reserve/Resource table in Appendix Effective date of May 12, 2025 – refer to Corporate Reserve/Resource table in Appendix Effective date of September 28, 2022 - refer to Corporate Reserve/Resource table in Appendix Manh Choh1,2 Lucky Shot3 Johnson Tract4 Homestake5 Dolly Varden5 Reserve (koz AuEq) 194 - - - - M&I (koz AuEq) 22 106 1,053 194 507 Inferred (koz AuEq) - 25 108 1,091 176
CONTANGO’S RESERVES AND RESOURCES CONTINUED ON NEXT PAGE Notes: Manh Choh Reserves 1 - Published from Contango 10K. Reserves Current as of 31DEC25 2 -The definitions for mineral reserves in S-K 1300 were followed for mineral reserves. 3 - Mineral reserves were estimated at long term prices of $2,000/oz Au and $23.50/oz Ag. 4 - Mineral reserves are reported at an economic cut-off that varies by process cost and metallurgical recovery, approximately equivalent to 2.50 g/t Au. 5 - Mineral reserve estimates incorporate dilution built in during the re-blocking process and assume 100% mining recovery 6 - Mineral reserves are reported in dry metric tonnes. 7 -Numbers may not total due to rounding. 8- Mineral reserves are reconciled and incorporate depletion from 2024 and 2025 production 9. Mineral Reserves reported on 30% Contango Ore ownership basis. Notes: Manh Choh Resources 1 - Published from Contango 10K. Reserves Current as of 31DEC25 2 -Mineral Resources are reported on a 30% Contango Ore ownership. 3 -The definitions for mineral resources in S-K 1300 were followed for mineral resources. 4 -Mineral resources are reported exclusive of mineral reserves. 5 -Mineral resources are estimated using long term prices of US$2,000/oz Au price and US$23.53/oz Ag price. 6 -Mineral resources are reported using un-diluted Au and Ag grades. 7 -Mineral resources are reported within constraining pit shells. 8 -Mineral resources that are not mineral reserves do not have demonstrated economic viability. 9 -Mineral resources are reported in dry metric tonnes. 10 -Numbers may not total due to rounding. 11- Mineral resources are reconciled and incorporate depletion from 2024 and 2025 production.
CONTANGO’S RESERVES AND RESOURCES Notes: Lucky Shot Resources 1. Mineral Resources were estimated as of 26 MAY 23 under definitions for Mineral Resources in S-K1300. See TRS Lucky shot Project Alaska, USA. 2. Mineral resources are estimated using long term prices of US$1,600/oz Au price. 3. Mineral resources are reported using un-diluted Au grades. 4. Mineral resources are reported as contained within 3.0 g/t Au underground shapes applying a 3.0m min. width at a 4.3 g/t COG. 5. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There are no mineral reserves for the Lucky Shot Project. 6. Mineral resources are reported in dry metric tonnes. 7. Numbers may not add due to rounding. 8. Mineral resources are reported on a 100% ownership basis Notes: Johnson Tract Resources 1. Mineral Resources were estimates as of 25 AUG 22 under definitions for Mineral Resources in NI 43-101. See Updated Mineral Resource estimate and 43-101 Report for Johnson Tract project, Alaska. 2. Assumed metal prices are US$1650/oz for gold (Au), US$20/oz for silver (Ag), US$3.50/lb. copper (Cu), US$1/lb. lead (Pb), and US$1.50/lb. for zinc (Zn) 3. Gold Equivalent (“AuEq”) is based on assumed metal prices and payable metal recoveries of 97% for Au, 85% for Ag, 85% Cu, 72% Pb and 92% Zn from metallurgical test work completed in 2022. 4. AuEq equals = Au g/t + Ag g/t × 0.01 + Cu% × 1.27 + Pb% × 0.31 + Zn% × 0.59 5. An average bulk density value of 2.84 used as determined by conventional analytical methods for assay samples 6. Capping applied to assays to restrict the impact of high-grade outliers 7. Preliminary underground constrains were applied, including the elimination of isolated or scattered blocks above cut-off grade to define the “reasonable prospects of eventual economic extraction” for the Mineral Resource Estimate 8. Mineral resources as reported are undiluted 9. Mineral resource tonnages have been rounded to reflect the precision of the estimate 10. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability Notes: Kitsalt Valley Resources (Homestake and Dolly Varden) 1 -Mineral resources are not mineral reserves, as they do not have demonstrated economic viability although, as per Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) requirements, the mineral resources reported above have been determined to have demonstrated reasonable prospects for eventual economic extraction. 2 -The mineral resources were estimated in accordance with the CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. 3 - The resources reported above are derived from the Technical Report on The Combined Kitsault Valley Project, British Columbia, Canada dated effective September 28, 2022 (“Kitsault Valley Project Technical Report”) 4 -The cut-off grade for the Homestake claim block mineral resources is 2.0 g/t AuEq, which was determined using average block grade values within the estimation domains and a Au price of $1,300 per troy ounce (“per tr oz”), a Ag price of US$20.00/tr oz and a Cu price of US$2.50/pound, and mill recoveries of 92% for Au, 88% from Ag and 87.5% for Cu and combined mining, milling, and general and administrative costs of approximately US$109/ton. 5 - The cut-off grade for the Dolly Varden claim block mineral resource is 150 g/t Ag, which was determined using a Ag price of US$20.00/tr oz, a recovery of 90% and combined mining, milling, and general and administrative costs of US$80/ton and was supported by comparison to similar projects. 6 - Differences may occur in totals due to rounding
MANH CHOH REGIONAL EXPLORATION: 675,000 acres Leased from Tetlin Tribe $5M exploration program focused on Mine-X, Near-Mine and Generative targets 2026 REGIONAL PLAN MANH CHOH 1km2
DEVELOPMENT Historic High-Grade Gold Mining District Initial Discoveries 1890’s 20+ Historic Mines and Prospects Relatively “unmined” since 1942 Mesothermal, shear hosted quartz +Au veins LUCKY SHOT Lucky Shot ore with visible gold Coleman LUCKY SHOT – WILLOW CREEK DISTRICT SCALE OPPORTUNITY 30
PLAN VIEW LOOKING NORTHWEST PROPOSED JT TUNNEL JT BLOCK MODEL JOHNSON TRACT DEPOSIT PROPOSED JT TUNNEL NORTH (G/T) JOHNSON TRACT 31 ATTRACTIVE ATTRIBUTES FOR UNDERGROUND MINING ROBUST GRADES AND 40m TRUE WIDTHS
Ellis Zone discovery 4km NE of JT Deposit 578 g/t Au and 2,023 g/t Ag over 6.4 m JOHNSON TRACT EXPLORATION UPSIDE – NEW GEOPHYSICAL TARGETS 2023 geophysical survey defines 12km (7.5 mi) mineral trend Geophysics, geochemistry and geology define Distinct +10km long epithermal/VMS trend Two potential intrusive related Cu-Au targets (porphyry) Large, shallowly buried, untested alteration systems detected at DC, between DC and JT, and South of Johnson Tract Multiple new drill targets 2023 Airborne MobileMT Survey (3D inversion)
KITSAULT VALLEY – PREMIER MINING DISTRICT 2 centers of gravity at Kitsault Valley: Gold-focused on northern tract Silver focused on silver tract District scale exploration opportunities Porter Idaho – Historic Mine Mountain Boy – Historic Mine PREMIERE MINING DISTRICT Richest 20km on the planet for gold and silver, from Seabridge's KSM to Newmont's Brucejack 150M ounces of Gold 1.2B ounces of Silver Discovered in just the past 3 decades CORNERSTONE IN THE GOLDEN TRIANGLE, BC
2026 2027 2028 2029+ CASH FLOW FUNDED GROWTH ENGINE Catalyst Rich Portfolio of Advanced Exploration-Stage Assets Supported by Cash Flows from Manh Choh Production Accelerating Growth: Catalysts & Project Pipeline 40,000m drill program + baseline env. Advance PEA / IA + initiate permitting Target PEA / IA Study Camp upgrades + initial construction Surface infrastructure permit (FAST 41) Johnson Tract Lucky Shot Manh Choh Kitsault Valley UG tunnel construction + infill drilling Complete road from Camp to Barge Target Fully Permitted / Construction Mine decision; final permits issued Target Feasibility / FID Continued gold production ~2,500m drill program Targeting 60koz p.a. average GEO production Continued exploration initiatives Infill drilling + technical studies UG in-fill drilling program, consisting of 18,000m of total drilling Target Feasibility Study / FID Q2-2026: Updated Resource UG tunnel construction+ infill drilling Construct site infrastructure + infill drilling Target Production Utilizing Manh Choh Cash Flow to Drive Near-Term Execution
Source: Company Materials, brokers’ estimates as of April 2026 HIGHLY LEVERAGED TO SILVER & GOLD